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Who Are MotoNovo Finance and What Do They Offer?

MotoNovo Finance is a well-known UK motor finance company. The company helps people pay for cars, vans, and motorbikes. It works with a group of trusted dealerships and finance brokers. Because of this, it is one of the most recognised names when it comes to dealer car finance. MotoNovo Finance is allowed and watched over by the Financial Conduct Authority (FCA). MotoNovo Finance is also part of the Aldermore Group. The Aldermore Group is owned by FirstRand Group, which is one of the largest financial places in South Africa.

With more than 40 years in motor finance, MotoNovo helps private drivers and business customers. The company offers flexible loans, like Hire Purchase (HP) and Personal Contract Purchase (PCP). Both deals let you spread the cost of your vehicle purchase over a set period of time. You get simple monthly payments, and the interest rate will be fixed or match your own situation and credit profile.

MotoNovo puts a lot of money into new ideas and technology. Their online platforms let you do almost all of the application steps at home. You don’t need to go to a branch. The things you can do online include soft credit checks, seeing if you are eligible, and getting pre-approved for finance. They use modern decision-making tools. These tools look at your credit score, how easy it is for you to pay, your job situation, and the kind of car you want.

As of Aug 2025, the company has:

  • A 4.7 Trustpilot rating with over 33,000 real reviews
  • Won the Customer Service Excellence Award at the Car Finance Awards 2024
  • Has made strong partnerships with many franchised and independent car dealerships in the UK

They also give extra help, like paying support, help for people dealing with loss, and special money tools. These tools are there for people who have different needs or find it hard to keep up with money stuff. MotoNovo is not like some other lenders. They show you things you need to know from the start, such as their list of charges, ways to settle early, and extra options like GAP insurance. This helps you, or anyone, make good choices about money right away.

What Are the Loan Types and Loan Terms Available?

MotoNovo Finance helps people with two main types of car finance agreements.

Finance Type Loan Term Deposit Ownership Outcome Repayment Structure
HP (Hire Purchase) 12–60 months Often £0 Own at end Fixed monthly payment
PCP (Personal Contract Purchase) 36–48 months Often £0 Option to buy, return, or part-exchange Lower monthly payment, final balloon payment
  • HP is good for those who want simple car ownership.
  • PCP means you pay less each month, but you need to pay a large final sum if you want to keep the vehicle.

The loan amount can be from about £1,000 to over £25,000. The interest rate (APR) will be different for everyone. It depends on your credit score, the loan term, and your individual situation.

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How Are Monthly Payments & Interest Rates Calculated?

Fixed Monthly Payment with HP

  • A fixed annual percentage rate (APR) lets you keep the same payment amount for a set period of time.
  • Use a payment calculator on approved broker sites to find your monthly payment amount. You can see this by putting in your loan amount, loan term, and deposit.

Balanced Monthly Cost with PCP

  • Gives you a lower monthly payment, but you will have to make a final balloon payment at the end. This is a good choice if you want to change cars sooner.

Example (for illustrative purposes only):

If you get £10,000 and pay it back over 60 months, you will have an interest rate of 12% APR.

  • Monthly payment amount: about £222
  • Total repayable: around £13,320
  • Cost of borrowing: £3,320

Real results can change depending on your credit history, deposit, and loan term. Before you sign anything, it is good to look at the results of the calculator.

How Does Credit Score Affect Your Loan and Interest Rate?

MotoNovo Finance looks at your credit score and your money history to decide if you get approved and what rate you will get.

  • A higher credit score can help you get better interest rates. It may also lower the total cost you pay in the end.
  • People who have a lower credit score may still get approved. But, they will get higher interest rates.
  • A hard credit check takes place only if you choose to move forward. The first checks are soft checks. This way, your credit score will not be hurt.

This shows the life of the loan. Your loan balance, your APR, and if you can get the loan will depend on what you can afford and the type of loan you pick.

How Does Credit Score Affect Your Loan and Interest Rate

How Can You Use the Loan Calculator Before Applying?

A car payment calculator or an auto loan calculator can help you figure out your monthly car payment. You can use the payment calculator to check how much you have to pay each month for your auto loan. The loan calculator also lets you see how long it will take to pay off your car and what the total cost will be. This can make it easier for you to plan and budget. To use the car payment or auto loan calculator, you usually need to enter some details. This can include the price of your car, how much money you want to put down, the interest rate, and the loan term. This way, the tool gives you a clear idea of what to expect before you make your decision. You have more control and feel good about your choice.

  • You can see the monthly payment for many loan amounts and how long you plan to pay it off.
  • Check what happens to your payments and the total cost of borrowing if you change your first deposit or the term.
  • Compare HP and PCP to pick the one that fits your car purchase and your monthly budget.

Make sure you put in all the information the right way. Enter the purchase price, deposit, and term. If you do this, the calculator will give you real and good results.

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What Happens During the Online Application Process?

MotoNovo’s process is typically:

  1. Apply using a broker or go to a dealership website.
  2. Share information about your credit score, income, and work.
  3. You will get a credit decision in a few minutes.
  4. Check the fee information, interest rate, and important legal terms.
  5. Sign the documents and pay for the vehicle purchase with either HP or PCP.

The application portal has a calculator page. You can use this tool to see different car payment options. This helps you look at several plans and pick the one that works best for you.

What Are the Pros and Cons of MotoNovo Finance?

✅ Pros

  • You can pick from two of the most common loan types: HP and PCP.
  • This group is FCA-regulated and is a part of a big UK bank.
  • You can complete the online application quickly. Get a fast decision about your credit.
  • There are clear fees. For HP, you can choose a fixed rate.
  • The company accepts people with different credit scores.

❌ Cons

  • Some people who have low credit may get a higher APR.
  • PCP includes a big payment at the end and there are limits on mileage.
  • You cannot use this with private sales. It is only for dealerships that are approved partners.

FAQs About MotoNovo Finance Car Loans

Your monthly payment will change based on things like your loan amount, loan term, interest rate, and deposit. A lot of people use an auto loan calculator to check their options before they go for an auto loan. This loan calculator can help you see the best monthly payment for you.

You cannot fill out an application for this online. You need to go through an approved dealer partner or an FCA-authorised broker for this.

Yes, MotoNovo Finance Limited is watched by the FCA. The company follows the rules set for money matters.

For HP loans, the interest stays the same for the whole life of the loan. Your payment will not change. PCP rates are also often fixed, but there will be a big payment at the end.

Talk to a dealership or broker. They can give you an accurate rate after looking at your credit score, your deposit, and the car you pick. Always read the conditions of products and fee information before you go ahead.

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Page last updated on: 06/08/2025

Page reviewed by: Andrea Troy

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